UK household energy prices set to rise by 10% from October 2024
Prepare for Rising Energy Costs: What You Need to Know
Calling all UK homeowners: Did you know that energy costs are set to rise by 10% in England, Scotland and Wales? Yes, unfortunately these changes are set to kick in from October 1st to December 31st. Ofgem has announced the new price cap will increase UK homeowners average annual household bills to £1,717. This translates to an additional £12 per month on average.
Here’s a quick breakdown of the changes:
- Electricity Rates: For those on a standard variable tariff and paying by Direct Debit, the cost will be 24.50 pence per kWh. The daily standing charge will be 60.99 pence.
- Impact: This new cap is 6% (£117) lower than the same period last year, reflecting some relief compared to previous spikes.
Your actual bill will vary based on your energy usage, location, and meter type. If you pay through standard credit, Direct Debit, prepayment meters, or Economy 7 meters, you’re affected by these changes.
With rising costs, now is a great time to consider ways to reduce your energy consumption and potentially lower your bills. One effective solution is investing in solar panels, which can help you generate your own electricity and reduce your reliance on the grid. You can also store and sell excess electricity generated via a sophisticated battery storage system.
Follow us on our socials or get in touch with us today to learn how solar energy can help future proof your household enabling you to save costs in the long run and shield yourself from ongoing energy price increases. Contact Us